Import prices in the Republic of Korea increased for the third consecutive month in September, according to data released on Friday by the Bank of Korea (BOK).

The import price index rose 0.2 percent month-on-month in September, following a 0.3 percent increase in August, preliminary figures from the central bank showed.

Import prices are a key driver of inflation, as they affect production costs and consumer prices across the supply chain, according to Yonhap News Agency.

The data also showed that the export price index rose for the third consecutive month in September, increasing 0.6 percent from the previous month.